US gaming mogul Steve Wynn said yesterday that his Macau business had received approval to build a new casino in the southern Chinese city, the world’s biggest gaming hub.
Construction could now begin at the 21 hectare site on Macau’s Cotai Strip, he said in a statement on US-based Wynn Resorts’ Web site.
“The official transfer of real estate in Cotai makes possible the commencement of the construction phase of what will be the single most important project in the history of Wynn Resorts,” Wynn said.
No other details were provided, but local unit Wynn Macau has said previously the new casino could open as early as next year and that the property would include a hotel and about 450 gambling tables.
Wynn Macau is one of six firms licensed to operate casinos in Macau, which was handed back to Beijing in 1999 and remains the only Chinese city where casino gambling is allowed.
The city’s no-frills gaming scene was monopolized by 89-year-old tycoon Stanley Ho (何鴻燊) for decades, until it opened to foreign competition in 2002, taking on all the glitz and kitschy glamor of Las Vegas.
It has now leapfrogged the US city to become the world’s most lucrative casino market, with gambling revenues hitting a record US$33.47 billion last year.
Takings rose 22 percent to 25 billion patacas (US$3.13 billion) last month from a year earlier, despite a slowdown in China’s economy, official figures showed yesterday, but analysts expect the pace of revenue growth to ease this year compared with the record highs of last year.
DECOUPLING? In a sign of deeper US-China technology decoupling, Apple has held initial talks about using Baidu’s generative AI technology in its iPhones, the Wall Street Journal said China has introduced guidelines to phase out US microprocessors from Intel Corp and Advanced Micro Devices Inc (AMD) from government PCs and servers, the Financial Times reported yesterday. The procurement guidance also seeks to sideline Microsoft Corp’s Windows operating system and foreign-made database software in favor of domestic options, the report said. Chinese officials have begun following the guidelines, which were unveiled in December last year, the report said. They order government agencies above the township level to include criteria requiring “safe and reliable” processors and operating systems when making purchases, the newspaper said. The US has been aiming to boost domestic semiconductor
Nvidia Corp earned its US$2.2 trillion market cap by producing artificial intelligence (AI) chips that have become the lifeblood powering the new era of generative AI developers from start-ups to Microsoft Corp, OpenAI and Google parent Alphabet Inc. Almost as important to its hardware is the company’s nearly 20 years’ worth of computer code, which helps make competition with the company nearly impossible. More than 4 million global developers rely on Nvidia’s CUDA software platform to build AI and other apps. Now a coalition of tech companies that includes Qualcomm Inc, Google and Intel Corp plans to loosen Nvidia’s chokehold by going
ENERGY IMPACT: The electricity rate hike is expected to add about NT$4 billion to TSMC’s electricity bill a year and cut its annual earnings per share by about NT$0.154 Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has left its long-term gross margin target unchanged despite the government deciding on Friday to raise electricity rates. One of the heaviest power consuming manufacturers in Taiwan, TSMC said it always respects the government’s energy policy and would continue to operate its fabs by making efforts in energy conservation. The chipmaker said it has left a long-term goal of more than 53 percent in gross margin unchanged. The Ministry of Economic Affairs concluded a power rate evaluation meeting on Friday, announcing electricity tariffs would go up by 11 percent on average to about NT$3.4518 per kilowatt-hour (kWh)
OPENING ADDRESS: The CEO is to give a speech on the future of high-performance computing and artificial intelligence at the trade show’s opening on June 3, TAITRA said Advanced Micro Devices Inc (AMD) chairperson and chief executive officer Lisa Su (蘇姿丰) is to deliver the opening keynote speech at Computex Taipei this year, the event’s organizer said in a statement yesterday. Su is to give a speech on the future of high-performance computing (HPC) in the artificial intelligence (AI) era to open Computex, one of the world’s largest computer and technology trade events, at 9:30am on June 3, the Taiwan External Trade Development Council (TAITRA) said. Su is to explore how AMD and the company’s strategic technology partners are pushing the limits of AI and HPC, from data centers to